The eyes of the whole world have focused on the date of November 3, the US presidential election for days. Investors of popular assets such as bitcoin, gold and others are waiting with great curiosity and uncertainty, especially for the outcome of these elections. With the announcement of the first data, the Bitcoin price also reacted positively. So what do the results and experts point to in the coming days?
In fact, first of all, it is necessary to examine the first data released about the election results. Donald Trump started to seize the states that will earn him one by one. It has been announced that Trump has recently increased the vote gap to 106,000 in Florida.
Trump takes the lead in Florida
It is stated that this year, a first for the presidential elections in the USA, the number of citizens who chose the postal route through early voting reached 65 million. It is stated that one of the reasons why the ballot boxes are announced so quickly is early voting and postal voting. Experts take Trump’s victory for sure in Florida, where early votes are also counted.
Jen O’Malley Dillon, director of Biden’s election campaign, said they could reach 270 delegates without Florida or Pennsylvania. This statement is actually interpreted as a confirmation that Trump has gained the majority in Florida and Pennsylvania states.
Biden campaign manager Jen O'Malley Dillon: "We continue to have multiple pathways to 270 electoral votes" says they can win 270 even without PA and FL
— Charlotte Alter (@CharlotteAlter) November 3, 2020
In this survey published by the Financial Times and last updated 6 hours ago, it is seen that Biden gained an overwhelming advantage over Trump.
So how does Trump’s surprise winning despite Biden’s lead in the surveys affect the markets, the Bitcoin price? Le public (@berkinovy), one of the well-known names of the crypto money industry, commented on this situation in a statement he published on the subject.
Bitcoin investors are waiting for the election
Le public stated that if Joe Biden wins, it would be bad for the US economy in the first place. It is possible to say that there are many investors who think like Le public, who stated that they are waiting after the elections for Bitcoin and stock market investments. Still, it seems that Bitcoin has increased by about $ 250 since the election began. The BTC / USD pair is being traded at $ 13,768 as of the time this article was written.
In fact, it can be understood from the information published by Crypto Compare that not only individual investors but also whales expect like Le public. Even though the BTC price saw $ 14,000, the number of active wallet addresses declined sharply. Despite this, heavy BTC transactions remain stable. Crypto Compare experts hinted that investors may be waiting for the presidential election to be concluded before taking action.
Active addresses on #BTC dropped in recent days, despite the rally to $14k. Large transaction counts however remain relatively stable. Are traders holding and waiting for the #USElections2020 results before acting? #bitcoinprice #Crypto pic.twitter.com/fXpA9weouv
— CryptoCompare (@CryptoCompare) November 3, 2020
Famous crypto money analyst Scott Melker commented on how the elections would affect the BTC price in a series of tweets he published on the subject. Emphasizing that the markets “hate uncertainty”, Melker stated that volatility will increase accordingly. Stating that the mobility will reach the highest level until a definite winner is announced, Melker has already been right with the sharp BTC drop and subsequent rise experienced today.
9/ I have no special insight as to what is likely to happen in the coming weeks, either for deciding the President or for our beloved assets. That said, knowing that markets hate uncertainty, I expect a rise in volatility for financial assets until we have a clear winner.
— The Wolf Of All Streets (@scottmelker) November 3, 2020